PCF Announces Takeover of Three Struggling Insurance Companies

The Policyholders’ Compensation Fund (PCF) has taken control of three struggling insurance companies placed under its statutory management to protect policyholders and stabilize the affected firms.

The three insurers affected are Trident Insurance Company Limited, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company Limited.

According to PCF, the companies were placed under statutory management, effective March 10, 2026, after failing to meet mandatory financial requirements.

This action allows PCF to take over the management, operations, and business affairs of the insurers for six months while assessing their financial positions and determining the way forward.

Payments suspended

On the other hand, payments of claims by the affected insurers to policyholders and other creditors have been suspended for six months in order to give the statutory manager time to evaluate liabilities and gain stability.

PCF also said the takeover was necessary to safeguard the interests of policyholders, creditors, and the wider public while preventing further accumulation of risks within the insurance companies.

Also Read: IRA Places 3 Insurance Firms Under Statutory Management

PCF Advices policyholders

Policyholders have also been advised by PCF not to enter into new insurance contracts with the affected companies and to seek alternative cover from other licensed insurers as the statutory management process continues.

Also Read: AFA Announces 109 Permanent and Pensionable Jobs, Including Drivers and Security Officers

Under the Kenyan law, PCF is responsible for compensating eligible claimants when insurers are placed under statutory management or have their licenses cancelled.

PCF said in the notice that it will later issue further guidance on compensation procedures once verification of claims and liabilities has been completed.

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KUSCCO Mutual Assurance Limited. PHOTO/File